The Winter holidays are here, and along with the celebrations that comes with yuletide, comes a major source of concern for parents: financial security for your family and kids. Whether you chose to ride or fly off with your spouse to some fun-filled countryside, ensure the kids you are leaving behind are well protected and served with the best gift you could ever give a child — and that is financial security for their future in the form of estate planning.
As easy as it is for working professionals to forget about their worries when on a vacation, financially shrewd parents have a nagging desire to focus on their finances, and that becomes a priority when one has children to care and provide for. Putting yourself in the shoes of your kids, you perceive the need to have assurance that no matter what happens, your parents are putting lasting financial measures in place to look after your everyday material needs. One has to think about every possible situation that could arise in the future, which may put the kids in a precarious position. Your children need every form of support they could get, and even as you go off on some holiday for some fun time without the nuisance from your kids, the one thing that will truly ease your mind is knowing that the well-being of each child you are leaving behind is well protected.
Questions to ask yourself as a parent
Lots of parents (the caring ones) think constantly about the welfare of their kids non-stop, yet a significant number may choose to leave their kids at home when they go off to a beach or foreign state on a vacation. No, this is not so bad as it gives the parents some much needed free bonding time while providing the kids with some space. Regardless of the physical distance between you and your kids, take some time out to ask yourself the following questions: what would happen to your kids should something ugly befalls you or your spouse now? Would they be ideally cared for in your absence by a trusted and competent legal guardian? Have you made provisions for someone to take charge of your children’s medical treatment in your eternal absence? All of these questions require acute reflections and adequate planning, as disaster may strike any family at anytime, leaving kids as orphans within the blink of an eye. No matter how young, healthy and wealthy we think we are, we cannot fold our arms and choose not to think about the devastating situation in which our families would be left should death come upon us. Death can strike at anytime and for this reason, one should start planning for his or her estate as early as possible. Setting up a Living Will or a Trust to transfer as little funds as you have in your name to your children when death knocks would go a long way in giving you peace of mind knowing that your kids’ financial future is settled. Do not wait till you get old to do this. Now is the time. There are estate planning lawyers around you who could help you set up a Trust or a Living Will, and would even advise you on which would be most appropriate for your situation. Speak with one today.
The time is now
You absolutely do not have to wait for the beginning of another year before making these financial plans. Do you know that the money set aside in a Trust will not show up on your tax return when you transfer funds into the Trust just before the end of a fiscal year? And do you know that such Trust will increase your chances for obtaining Medicaid and more tax exemptions? Yes, this is what you get! If you do not know about these things and wish to, then it is recommended you speak with the estate planning lawyers close to you and learn just how to plan for your family’s financial future and the benefits that come with it.